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Should you buy Monero as it maintains an uptrend ahead of the upgrade?

  • Monero gears for an upgrade in August that will improve security and speed

  • The token has been on an uptrend ahead of the upgrade 

  • Investors should consider any retracement of the token as an opportunity to buy.

Monero XMR/USD is set for a network upgrade on August 13. The upgrade will see improved security on the privacy-focused network. The upgrade occurs after delays and will require users to update their software. New features such as “view tags” will be introduced and cut wallet sync times by up to 40%. 

The anticipated Monero upgrade has been positive on XMR lately. As of press time, the token was trading at $163. The price compares to a low of below $100 in mid-June. We cannot adequately ascertain whether the gains are directly due to the upgrade. That reflects the fact that cryptocurrencies have been bullish lately. Nonetheless, we cannot ignore the importance of the upgrade to the price of the Monero token. 

The cryptocurrency warrants the attention of an investor. A breakout of key levels allows Monero to surge higher.

Monero surges higher after recapturing $136 amid improved sentiment.

Source – TradingView

Technically, the Monero token is very bullish. The token retested the $143 support after a recent breakout. The moving averages and the MACD indicators are bullish on the token ahead of an upgrade.

The next established resistance level for Monero is $204. That represents an upside potential of 24% from the current level. The token could face some resistance at $181 but could push through to the established $204 level. Investors should buy now or consider potential retracements as opportunities to enter.

Concluding thoughts

Monero will continue pushing higher as the upgrade nears and crypto sentiment grows. Technical indicators also support a price rise, with up to a $204 price level.

The post Should you buy Monero as it maintains an uptrend ahead of the upgrade? appeared first on CoinJournal.

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Buy Synthetix token on a retracement as key breakout occurs

  • Synthetix is a derivatives liquidity protocol

  • Synthetix token has pushed above a key resistance

  • Investors should snap the cryptocurrency on a retracement to $3.5

Synthetix token SNX/USD is trading at $4.04. The price level was reached after the token gained by at least 24% in the past week. The gains in the token come on renewed optimism of DeFi recoveries. DeFi leader Ethereum is projected to be nearing a potential shift to PoS system from PoW. That is adding interest in related protocols such as Synthetix.

In a snapshot, Synthetix is a derivatives liquidity protocol. It links to derivative trading by enabling the creation of synthetic assets that can be traded on the blockchain. Around $423 million is locked in Synthetix protocol, underlining its role in the DeFi sector. 

The recent gains in Synthetix token show that investors believe in the platform. To investors, the latest gains in SNX should invoke interest in the token. A key breakout could allow further gains, and investors should keenly watch. 

SNX breakout at $3.5 sets it on course to top $7

Source – TradingView

Technically, SNX has broken past a resistance level at $3.5. The token remains bullish, with the MACD line remaining above the moving average. The short-term 14-day and 21-day moving averages offer support below, affirming a bullish move.

We believe SNX will continue soaring after the breakout while crypto sentiment remains strong. Nonetheless, the cryptocurrency could retrace back to the $3.5 support. That would allow investors to enter and ride high. We recommend a buy on a retracement. The token has a chance to rise to $7.3, which is the established resistance.

Summary

Synthetix token is bullish after breaking past resistance at $3.5. The price could rise to meet the next resistance at $7.3. Investors should buy the token on a retracement.

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Chainlink price: Analyst painst bullish picture as LINK spikes above $7.00

Chainlink (LINK) price rose sharply on Thursday to break above $7.20 as the crypto market rode positive momentum across risk assets.

At the time of writng, LINK/USD was trading near $7.17 with weekly gains now up to 5% and 30-day upside now at 10%.

Chainlink price prediction

LINK/USD, according to crypto analyst Ali Martinez, can continue higher over the short term if bulls hold prices above recent support levels around $6.90.

The analyst has looked at the Into The Block’s In/Out of the Money Around Price (IOMAP) model to suggest its possible for LINK to go to $10.00. The on-chain metric shows massive support at the zone just below $7.00. He tweeted:

“Transaction history shows that #Chainlink formed a significant demand wall at $6.70, where over 7,000 addresses bought nearly 301 million $LINK. If this support level holds, #LINK has a good chance of surging to $10 as @intotheblock ‘s IOMAP shows little to no resistance ahead.”

Gains across crypto

The gains for LINK/USD come amid huge moves for Bitcoin (BTC) and Ethereum (ETH), the two top cryptocurrencies ripping past $24,000 and $1,700 respectively.

Notably, BTC was stuck below $22k on Wednesday before crossing above the resistance zone following the US Federal Reserve’s raising of interest rates by 0.75%.

On Thursday, the US entered a technical recession following the second consecutive negative gross domestic product (GDP) growth – coming in at -0.9%.

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Artozo NFT marketplace invites premiere artist submissions ahead of beta launch

Artozo, an NFT marketplace that seeks to make the collection of NFTs fun and rewarding, – particularly for artists, has formally commenced registration of works from top NFT artists.

Artozo is for high-quality NFTs

While numerous NFT marketplaces available in the ecosystem make it easy for anyone to participate and benefit from the opportunity that comes with digital assets, Artozo wants to not only make it rewarding, but also secure.

One of the many problems that blight the NFT industry is unauthorised access, use and sell of other users’ works and holdings.

Registration, which involves vetting of works, is one step towards removing this nuisance. The goal is not to provide access to huge NFT collections, but a carefully vetted, high-quality and limited edition collection of digital art.

Application and verification is easy and takes anywhere from 24 to 72 hours and notifications on successful submissions will roll out before the beta launch.

An NFT marketplace for artists and collectors

Artozo, which expects to go live in Beta this August, is powered by Solana and promises to offer the scalability and transaction security underpinned on the leading NFTs blockchain.

On the Artozo marketplace, artists will benefit from minting fees that go as low as $2, with no up-front or service fee requirements. The fees are payable via the native Artozo token ARTZ.

There’s also enhanced community demand, given the utility of NFTs and access to powerful user retention mechanisms. Significantly attractive is also the potential to earn great, lifetime royalties (up to 9%).

The NFT marketplace’s model also allows for rewards via invite to earn functionality, digital art trading of NFTs and will soon offer staking. 

Artozo has built-in tools that help bridge Web2 and Web3, including wallet connectivity – a feature that makes it easy for anyone to buy, sell and trade NFTs. According to the platform, these features benefit both artists and collectors.

The post Artozo NFT marketplace invites premiere artist submissions ahead of beta launch appeared first on CoinJournal.